Knowledge Centre
19th November 2009
Business groups have reacted to measures set out in the Queen's Speech, which address issues ranging from banking to the importance of the digital economy.
The Financial Services Bill is one of the main inclusions in the speech, which traditionally lays out the Government's legislative agenda for the coming year. The Government says that the bill will strengthen and reform financial regulation, so that the system is "rebuilt on a stronger and sounder footing" through which consumers are better protected.
While the Federation of Small Businesses (FSB) said that reforms to the banking sector could help the quarter of small businesses that are still struggling to access finance, it added that changes must not be "pure political rhetoric", but should usher in greater competition among high street banks for the custom of small businesses.
And the group also highlighted the importance of online business for small firms, calling for better broadband coverage, especially in rural "notspots" where there is no access.
FSB national policy chairman John Walker said that 2009 had been a tough year for small firms, and that the Government must now build on increasing optimism with effective policy.
"Many are starting to feel confident about their future prospects and it is important that any legislation in the next few months, particularly on the banking sector, helps to develop good feeling rather than being used to divide up the political ground ahead of the general election," he added.
During a Commons debate following the Queen's Speech, Prime Minister Gordon Brown also announced further help for the jobless young, and promised that all unemployed 18-24-year-olds would receive training and work experience after signing on.
The move - which comes as record numbers of young people are finding themselves out of work - was welcomed by the Chartered Institute of Personnel and Development (CIPD). However, the institute warned that the quality of training must be high, and that employers should not be left confused by the sheer number of initiatives on offer.
IMAGE AP Photo/Paul Edwards
Policy needed, not rhetoric, says FSB
The Financial Services Bill is one of the main inclusions in the speech, which traditionally lays out the Government's legislative agenda for the coming year. The Government says that the bill will strengthen and reform financial regulation, so that the system is "rebuilt on a stronger and sounder footing" through which consumers are better protected.
While the Federation of Small Businesses (FSB) said that reforms to the banking sector could help the quarter of small businesses that are still struggling to access finance, it added that changes must not be "pure political rhetoric", but should usher in greater competition among high street banks for the custom of small businesses.
And the group also highlighted the importance of online business for small firms, calling for better broadband coverage, especially in rural "notspots" where there is no access.
FSB national policy chairman John Walker said that 2009 had been a tough year for small firms, and that the Government must now build on increasing optimism with effective policy.
"Many are starting to feel confident about their future prospects and it is important that any legislation in the next few months, particularly on the banking sector, helps to develop good feeling rather than being used to divide up the political ground ahead of the general election," he added.
During a Commons debate following the Queen's Speech, Prime Minister Gordon Brown also announced further help for the jobless young, and promised that all unemployed 18-24-year-olds would receive training and work experience after signing on.
The move - which comes as record numbers of young people are finding themselves out of work - was welcomed by the Chartered Institute of Personnel and Development (CIPD). However, the institute warned that the quality of training must be high, and that employers should not be left confused by the sheer number of initiatives on offer.
IMAGE AP Photo/Paul Edwards
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